ViacomCBS could see a $350 million hit this quarter on the cancellation of the Men’s NCAA Basketball Tournament, says one media analyst. David Miller from Imperial Capital has cut earnings fo…
Basketball Tournament, says one media analyst. David Miller from Imperial Capital has cut earnings forecasts for the company and his price target for the stock, which is down 16% Wednesday.
He estimates ViacomCBS will lose out on approximately $350 million in advertising revenue. It will probably not have to pay rights fees back to the As a sign of how quickly things devolved, he said that up until last Wednesday, NCAA tournament advertising inventory was selling briskly, with CPMs up an average 9.2% year-on-year, depending on the round and game.
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